Vietnam racks up US$5.9 billion trade surplus over nine-month period

According to statistics released by the Ministry of Industry and Trade, the total import-export turnover during the reviewed period stood at an estimated US$382.72 billion, of which export turnover surged by 8.2 per cent to US$194.3 billion. Furthermore, import turnover rose 8.9 per cent to US$188.42 billion on-year.

After reaching growth rates of 5.3 per cent and 7.2 per cent during the year’s first quarter and second quarter, respectively, exports showed significant improvements during the third quarter, bringing the total export turnover for the nine-month period to a rise of 8.2 per cent.

Although the growth rate has suffered a slow down in comparison to the same period in 2017 and 2018, it has met the export growth target of 7 per cent to 8 per cent set by the National Assembly this year.

Pham Tat Thang, former director of the Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade, highlighted the role of domestic enterprises that have made remarkable export achievements in the reviewed period.

The growth rate of export turnover among domestic firms reached 16.4 per cent, doubling the country’s growth rate and representing a three-fold increase in comparison to the growth rate of FDI businesses.

With regard to the domestic sector, although agro-fisheries exports fell by 5.7 per cent, the processed industrial exports increased by 10.3 per cent against the same period last year. The export of several commodities, including wooden products, garments and textiles, plastic and rubber products, also enjoyed strong growth.

This robust growth can be attributed to the nation’s efforts to improve the overall business climate and accelerate international economic integration, all of which have served to facilitate the production activities of enterprises, especially in the field of industrial production.

During the remaining months of the year, exports of goods are expected to maintain their current growth trajectory, focusing on traditional commodities such as apparel and textiles, footwear, and furniture.

In addition, the increase in the purchasing power during the upcoming Lunar New Year is predicted to contribute to the export growth of goods for the remainder of the year.

The Ministry of Industry and Trade has worked out solutions for boosting exports and helping domestic firms improve their production capacity and engage in the supply chain of foreign enterprises.